Insurance WAEC

Marine Insurance

Muhtasari

Marine insurance is the grandparent of the whole industry. Long before anyone thought to insure a house against fire or a life against death, merchants were pooling the risk of ships that might never return. Today it quietly underpins almost everything Nigeria buys and sells abroad: the fuel, the machinery, the rice and the cars that cross the ocean to reach Lagos and Onne all travel under a marine policy.

In this lesson you will learn what marine insurance actually covers: the perils of the sea and the excepted perils it leaves out, the four interests it protects (hull, cargo, freight and liability), and the ways a policy can be timed by voyage or by period. You will settle a general average claim step by step, discover why a marine policyholder need own the goods only at the moment of loss, and see why no cargo leaves a port without this cover.

Malengo

  1. Identify the marine perils and distinguish them from excepted perils
  2. Describe hull, cargo and freight cover and state what each protects
  3. Explain the operation of a marine policy in relation to a voyage and to a period of time
  4. Explain the importance of marine insurance to international trade

Ramani ya mawazo

Mada hii imechorwa ili uone jinsi mawazo yanavyounganika.

Kadi za kumbukumbu

Mazoezi ya haraka ya kumbukumbu kuhusu kinachopimwa katika mada hii.

Maelezo ya Somo

A trader in Kano orders forty thousand dollars of textiles from Guangzhou. The container is loaded at sea, and three weeks later a storm off the Cape forces the master to throw part of the deck cargo overboard to keep the vessel upright. Her bales survive, but when the ship berths in Lagos she is handed a bill: she must contribute towards the cargo that was sacrificed to save the voyage. She is baffled. She lost nothing, so why must she pay? The answer lies in the oldest branch of insurance there is, and in a rule about shared sacrifice that has governed sea trade for centuries. Understand marine insurance and you understand how goods move safely across an ocean that owes no one a calm passage.

Tathmini ya Somo

Hongera kwa kukamilisha somo la Marine Insurance. Sasa kwa kuwa umechunguza dhana na mawazo muhimu, ni wakati wa kuweka ujuzi wako kwa mtihani. Sehemu hii inatoa mazoezi mbalimbali maswali yaliyoundwa ili kuimarisha uelewaji wako na kukusaidia kupima ufahamu wako wa nyenzo.

Utakutana na mchanganyiko wa aina mbalimbali za maswali, ikiwemo maswali ya kuchagua jibu sahihi, maswali ya majibu mafupi, na maswali ya insha. Kila swali limebuniwa kwa umakini ili kupima vipengele tofauti vya maarifa yako na ujuzi wa kufikiri kwa makini.

Tumia sehemu hii ya tathmini kama fursa ya kuimarisha uelewa wako wa mada na kubaini maeneo yoyote ambapo unaweza kuhitaji kusoma zaidi. Usikatishwe tamaa na changamoto zozote utakazokutana nazo; badala yake, zitazame kama fursa za kukua na kuboresha.

  1. Which of the following is NOT one of the interests protected by marine insurance? A. Hull B. Cargo C. Freight D. Goodwill Answer: D
  2. A marine policy that covers a ship for a stated period, usually one year, wherever it sails, is called a: A. Voyage policy B. Time policy C. Floating policy D. Valued policy Answer: B
  3. The deliberate throwing of cargo overboard to save a ship in danger is known as: A. Barratry B. Jettison C. Salvage D. Abandonment Answer: B
  4. To save a sinking vessel, cargo worth 5,000,000 naira is jettisoned. The owner's interest is one-tenth of the total value in the venture. How much of the sacrifice does the owner ultimately bear? A. 5,000,000 naira B. 4,500,000 naira C. 500,000 naira D. Nothing Answer: C
  5. Which of the following is an excepted peril in marine insurance? A. Storm B. Collision C. Inherent vice D. Stranding Answer: C

Vitabu Vinavyopendekezwa

Principles of Risk Management and Insurance
Principles of Risk Management and Insurance
Manukuu: Thirteenth edition
Mchapishaji: Pearson
Mwaka: 2016
ISBN: 978-0-13-408257-8
Maelezo: The standard introduction to risk and insurance, covering risk management, insurer operations and the main lines of life, health, property and liability cover.
Fundamentals of Risk and Insurance
Fundamentals of Risk and Insurance
Manukuu: Tenth edition
Mchapishaji: Wiley
Mwaka: 2008
ISBN: 978-0-470-08753-4
Maelezo: A clear account of the nature of risk and the economics of insurance, written for beginning students across life, health, property and liability insurance.
Fundamentals of Insurance
Fundamentals of Insurance
Manukuu: Second edition
Mchapishaji: Himalaya Publishing House
Mwaka: 2017
ISBN: 978-93-5097-079-9
Maelezo: An accessible treatment of insurance in four parts: the basics of risk, insurance management, life insurance and non-life insurance.

Maswali ya Marudio

Unajiuliza maswali ya zamani kuhusu mada hii yanaonekanaje? Hapa kuna idadi ya maswali kuhusu Marine Insurance kutoka miaka iliyopita.

WAEC SSCE - Insurance - 2015

Swali 1 Ripoti

Explain the following terms under marine insurance:

(a) hull policy

(b) cargo policy

(c) freight policy

(d) marine perils

(e) average

Maelezo ya Majibu

Meaning of the terms under marine insurance:

  1. Hull policy: This is the marine policy that covers loss of or damage to the ship or vessel itself, together with its machinery, equipment and fittings, against marine perils such as sinking, collision, stranding and fire.
  2. Cargo policy: This is the policy that covers loss of or damage to the goods or merchandise carried on board the vessel during the voyage, protecting the cargo owner against perils such as water damage, jettison, theft and total loss.
  3. Freight policy: This is the policy that covers the shipowner against the loss of freight, that is the money payable to him for carrying the cargo, which he would forfeit if the cargo or ship were lost before the freight was earned.
  4. Marine perils: These are the dangers or fortuitous events peculiar to a sea voyage against which marine insurance provides cover, for example storms, collision, stranding, fire, jettison, piracy and barratry.
  5. Average: In marine insurance average means a partial loss. It is of two kinds: particular average, a partial loss falling on one interest alone, and general average, a loss deliberately and reasonably incurred for the common safety of the whole adventure, which is shared rateably by all the interests saved.
Tazama Jibu